FCA Moves To Ban High Bank Overdraft Fees

Law360, London (June 7, 2019, 10:48 AM BST) -- The Financial Conduct Authority said Friday it is overhauling the rules on how much money banks can charge consumers for overdraft fees, targeting a £2.4 billion ($3 billion) line of annual income for lenders that regulators believe abuses consumers.

The City watchdog has announced reforms to make it cheaper for consumers to go into the red and easier to calculate how much money their bank will charge them for going overdrawn. (AP) The reforms announced by the regulator are designed to make it cheaper for consumers to go into the red and easier to calculate how much money their bank will charge...

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